Affordable Senior Community Changes Hands in Baltimore

BCI Management paid roughly $8 million for the 100-unit property located in the Gwynn Oak submarket.
Fairspring Senior Apartments
Fairspring Senior Apartments. Image courtesy of Greysteel

Osprey Property Cos. and Pax-Edwards have sold Fairspring Senior Apartments, a 100unit age-restricted community in Baltimore. BCI Management acquired the fully affordable asset for $7.7 million. Greysteel negotiated the deal on behalf of the sellers. Yardi Matrix data shows the property last changed hands in 2014.

Reserved for tenants aged 62 and over, Fairspring is under Section 42 LIHTC provisions, with all units set aside for residents earning between 30 and 60 percent of the area median income. Two-thirds of the apartments are for those making 50 percent of AMI.

Located at 1121 Saint Agnes Lane in the Gwynn Oak submarket, the property is within walking distance from Edmondson Heights Park. Downtown Baltimore is roughly 6 miles east, accessible via Baltimore National Pike. The closest shopping center is Westview Mall, less than a mile away.

Built in 2002 on 4.6 acres, the elevator-equipped community has one- and two-bedroom units with an average size of 673 square feet. Common-area amenities include a game room, party room, library, security system with closed-circuit TV monitoring and 24-hour emergency assistance.

Greysteel CEO Ari Firoozabadi and Director Henry Mathies assisted the sellers in the disposition. In March, the same brokerage team represented Osprey in the sale of a 102-unit senior community in Edgewater, Md.